HMRC is changing the VAT refund process for overseas traders which are registered for UK VAT but do not have a business address in the UK. Under the current process, where a repayment is due to these traders, HMRC’s systems automatically issue a payable order.
HMRC recognises that overseas banks are increasingly refusing to accept payable orders. To address the problem, HMRC is creating a new online form to facilitate repayments direct to traders’ bank accounts by CHAPS. When the new process is set up, electronic repayments will be made and a block will be placed on future payable orders.
Traders can access the online form via the government gateway.
HMRC is changing the VAT refund process for overseas traders which are registered for UK VAT but do not have a business address in the UK. Under the current process, where a repayment is due to these traders, HMRC’s systems automatically issue a payable order.
HMRC recognises that overseas banks are increasingly refusing to accept payable orders. To address the problem, HMRC is creating a new online form to facilitate repayments direct to traders’ bank accounts by CHAPS. When the new process is set up, electronic repayments will be made and a block will be placed on future payable orders.
Traders can access the online form via the government gateway.
